MyCommunity vs FHA

Is FHA always better? I don't see MyCommunity mentioned much and I'm wondering why.

Also, I picked up a financing sheet from an open house and although the interest rate on the FHA loan is lower, the P&I payment is higher. I imagine they left out some important details on this but..

For example - both with 3% down,loan amount= $87k

FHA interest rate = 6.75%, P&I = $771

MyCommunity - interest rate = 7.5%, P&I = $609

The PMI on the MyCommunity was about 5 bucks higher but that is sort of negated by the fact that P&I is lower by ~$160.

These are outdated, just for example. The only quirks I remembered seeing with MyCommunity was the income limit and a homebuyer's class/counseling required. Hm, for loan applications starting 1/1/09. Does that mean if I apply for pre-approval now I'm exempt from the education? Heh..

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